Wheat Futures Close Off Highs, Still Up Double Digits

SRW wheat ended Thursday trading session with 17 to 25 1/2 cent gains. KC wheats closed 20 cents off their highs, but stayed 15 to 21 1/2 cents in the black. MPLS futures closed 2 1/2 to 5 1/4 cents.

Going into the Memorial Day delayed Export Sales report, analysts surveyed expect old crop wheat bookings to be between 50k MT of net cancelations and 100k MT of net sales. New crop business is expected to be between 200,000 and 350,000 MT from the week that ended 5/26. 

The European Commission reported 24.6 MMT of wheat had been shipped to non-EU members for the season through 5/29. That is just 100k MT lighter yr/yr with ~1 month left in the 21/22 season. 

The Ukrainian Grain Association raised their outlook for 22/23 wheat production by 5.5% to 19.2 MMT. That would still be a 42% loss yr/yr if realized. The Association also lifted their expected wheat export to 10 MMT, compared to ~17 MMT in 2020/21. USDA’s May WASDE foresees the Ukraine raising 21.5 MMT of wheat and shipping 10 MMT in 22/23. 

Egypt booked 465,000 MT or more of wheat from Romania, Russia and Bulgaria yesterday.

Jul 22 CBOT Wheat  closed at $10.58 1/4, up 17 cents,

Cash SRW Wheat  was $9.98, up 16 5/8 cents,

Jul 22 KCBT Wheat  closed at $11.43 1/2, up 15 1/4 cents,

Cash HRW Wheat  was $10.95 3/8, up 15 1/2 cents,

Jul 22 MGEX Wheat  closed at $11.99 1/2, up 2 1/2 cents,

Sep 22 MGEX Wheat  closed at $12.01 1/2, up 4 1/4 cents,